Saudi Court Approves Detained Tycoon Sanea's Bankruptcy Filing

Saudi Court Approves Detained Tycoon Sanea's Bankruptcy Filing

According to Reuters, a Saudi court has approved an application by detained and indebted billionaire Maan al-Sanea and his company, Saad, to have their case resolved through the kingdom’s new bankruptcy law.

The ruling in February could provide a resolution to one of the kingdom’s longest-running debt sagas.

Creditors have spent the past 10 years pursuing Saad for claims that some observers familiar with the case last year estimated at between $11 billion and $16 billion.